The UK Chancellor of the Exchequer George Osborne today told a parliamentary committee that he was confident the UK will be able to implement new regulation put forward by the Independent Commission on Banking earlier this year, despite potential conflicts with the European Commission.

The parliamentary committee, which is considering whether the new financial services bill would better equip the UK to prevent or handle a future financial crisis or bank failure, questioned Osborne and Mark Hoban, Financial Secretary to the Treasury, on the recommendations of the ICB.